Sahana Vibhute
The Ethereum price has been trading under extremely bullish influence since the start of the year. The latest upswing displays the bulls having regained their dominance as the prices propel higher by close to 10% from the consolidation zone around $1580. Although the ETH price has risen beyond crucial resistance, the bulls face some hindrances to reaching $1750. This could be an indication of a short-term reversal while the bulls continue to hold higher dominance, which may maintain a strong ascending trend in the long term.
Considering the short-term trend analysis, the rise above the 50-day EMA has been proven to be one of the strongest reasons to remain bullish, regardless of the prevailing pullback. No doubt, the price soared above $1750 and faced rejection, but it still continues to hold the crucial resistance levels. This could assist the traders in remaining optimistic about the ETH price; however, an interim pullback may hinder the progress of the rally for a while.
Ever since the start of the year, the RSI has hit the upper resistance three times, including the current contact. Unfortunately, each time it resulted in a massive rejection, compelling it to hit the lower support levels. This has also dragged the ETH price below its interim support levels, followed by a strong rebound.
Hence, the Ethereum price is believed to face a minor pullback in the short term. However, as long as the value remains above the 50-day EMA, the bulls may hold a major dominance and keep up the rally, regardless of the minor selling pressures that occur every now and then. On the plus side, a fine rise above the critical resistance level of $1750 may weaken the bears, and if the ETH price surpasses $1800, a new bullish phase may begin, potentially closing the gap between the current price and $2000.
